BVI Report 2022

For nearly 40 years, the British Virgin Islands has been one of the world’s leading international finance centres; and is the go-to jurisdiction for the incorporation of companies to facilitate cross-border trade, investment and business.

Simon Gray from BVI Finance discusses how the financial services industry has continued to operate successfully during the course of the pandemic; and how the jurisdiction is taking advantage of new market opportunities in the African and Asia-Pacific regions.

We speak with Kenneth Baker, Managing Director of the BVI Financial Services Commission, who provides an overview of recent regulatory developments and initiatives in the jurisdiction; and discusses what the Commission will be focusing its efforts on in 2022 to ensure the BVI remains compliant with international standards. We also hear from Lorna Smith OBE from LGS Associates, who looks at the impact of the minimum corporate tax proposals on IFCs, with a particular focus on the BVI.

Our sector focus provides an overview of the latest trends and developments in the BVI's key industries. Martín A. Litwak from Untitled Strategic Legal Consulting discusses recent legal developments that have affected the BVI's investment fund regime; while Robert Lindley from Conyers looks at why the BVI remains a leading offshore jurisdiction for the establishment, administration, and maintenance of trusts.

Elsewhere, Richard Grasby from RDG Fiduciary Services examines what kind of entities are covered by the current Economic Substance rules and the types of activity requiring substance, as well as considering the impact on private wealth in the BVI.

Finally, the BVI is positioning itself as an attractive and advantageous jurisdiction for international commercial dispute resolution. Tim Wright and Izabella Prusskaya from Carey Olsen look at the BVI's wider role in the field of international arbitration; while Dancia Penn OBE QC discusses recent updates to the BVI IAC Arbitration Rules.